3. Semi-variance, when applied to portfolio theory, is concemed with a. the square root of deviations from the mean. b. all deviations below the mean. c. all deviations above the mean. d. all deviations. e. the summation of the squared deviations from the mean. 4. In a three-asset portfolio, the standard deviation of the portfolio is one-third of the square root of the sum of the individual standard deviations. a. True b. False 5. All of the follogring are assumptions of the Markowitz model EXCEPT a. risk is measured based on the variability of returns. b. investors maximize one-period expected utility. c. investor' utility curves demonstrate properties of diminishing marginal utility of wealth. d. investors base decisions solely on expected return and time. c. there are no tax costs involved